Valley National to buy N.J.'s Peoples Bancorp.

WAYNE, N.J. -- Valley National Bancorp said it agreed to acquire the seven-branch Peoples Bancorp of Fairfield, N.J.

The shareholders of Peoples will receive 0.625 Valley shares for each Peoples share they own.

Peoples has about 640,000 shares outstanding, and Valley will issue about 430,000 shares in connection with the transaction.

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